Newark Office Market Trends

Office Rental Market

  • $35.89 2019 Avg. Asking Rent
  • 14.34 % 2019 Avg. Vacancy Rate
  • 374,750 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Newark was $35.89 per square foot, and the office vacancy rate across the market averaged 14.34 %. During 2019, developers added 374,750 square feet of new office space to the Newark market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Newark Class A Office Buildings$36.17
  • Newark Class B Office Buildings$29.05
  • NJ Class A Office Buildings$34.44
  • NJ Class B Office Buildings$27.61
  • NJ Class C Office Buildings$19.72

Newark, NJ Office Asking Rents by Class

OFFICE CONSTRUCTION IN Newark, NJ

  • Newark, NJ Total Sqft completed in 2019 374,750
  • Newark, NJ Total Sqft under construction in 2020 0
10 Largest Office Buildings in Newark
Building name Address Total Sqft Year built
Prudential Building 751 Broad Street, 07102 847,506 1960
Two Gateway Center 2 Gateway Center, 07102 794,000 1971
Horizon Blue Cross Blue Shield 3 Penn Plaza East, 07105 781,627 1992
Prudential Tower 635 Broad Street, 07102 733,000 2015
The Wash Building 213 Washington Street, 07102 600,859 1942
2 Penn Plaza 91 Commercial Street, 07105 600,000 1992
National Newark Building - 744 Broad Street 744 Broad Street, 07102 591,931 1931
Three Gateway Center 100 Mulberry Street, 07102 579,000 1985
153 Halsey Street 153 Halsey Street, 07102 535,000 1927
One Gateway Center 1 Raymond Plaza West, 07102 522,087 1971
Largest Office Properties Recently Completed in Newark
Office building Address Sqft Completed
Ironside Newark 110 Edison Place, 07102 450,000 2019
Prudential Tower 635 Broad Street, 07102 733,000 2015
Two Riverfront Plaza 2 Riverfront Plaza, 07102 337,543 2013
Biotrial North American Headquarters 130 Norfolk Street, 07103 70,000 2013
Oak Plaza 375 Chestnut Street, 07105 36,415 2007
University Hospital - Ambulatory Care Center 140 Bergen Street, 07103 195,948 2005
Claremont Tower 11 Centre Place, 07102 247,067 2003
375 McCarter Hwy 375 McCarter Hwy, 07114 200,000 2003
321 University Avenue 321 University Avenue, 07102 88,683 2003
95-123 Firmenich Way 95 Firmenich Way, 07114 89,542 2001
Data provided by Commercial Edge

Office Spaces for Rent in New Jersey

NEWARK OFFICE SALES TRENDS

  • $139.792019 Avg. Price per Sqft
  • 25.81 %Y-o-Y Avg. PpSF Change
  • $194.6M2019 Office Sales Volume
  • 42019 Number of Transactions

In 2019, office sales in Newark averaged $139.79 per square foot. This marked a 25.81 % increase in office price per square foot, compared to the previous year. A total of 4 office sales closed on the Newark office market in 2019, amounting to a total sales volume of $194.6M.

Average Office Sale Price per Sqft

Newark, NJ Sales Trends

  • Newark Price per Sqft$139.79
  • New Jersey Price per Sqft$141.98

Office Sales - Trend and Volume

  • Newark, NJ Total Office Sales Volume in 2019 $194.6M
  • Newark, NJ Total Number of Office Sales Closed in 2019 4

Largest Newark Office Sales in 2019

Property name Address Date Price
Two Gateway Center 2 Gateway Center 2/11/2019 $137,587,400
550 Broad Street 550 Broad Street 6/5/2019 $19,000,000
321 University Avenue 321 University Avenue 3/15/2019 $15,642,230
Academy Building, The 17 Academy Street 1/18/2019 $12,000,000
320 University Avenue 320 University Avenue 3/15/2019 $10,357,770
Data provided by Commercial Edge

See trends for nearby markets

The Newark office market contains an inventory of 15,438,350 square feet of office space, in 48 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Newark commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.